Recent Articles

Factors that may indicate an exchange transaction:

Often it is difficult to distinguish between a contribution and an exchange transaction, the following factors are indicative of an exchan

To align its definition of “collections” with that used by the American Alliance of Museums, the FASB issued Accounting Standards Update (ASU) 

If a large volume of checks is received by the organization, a lockbox may be appropriate. Banks receive the checks directly and the deposit is made upon receipt.

Most transactions are posted automatically through the accounts payable and accounts receivable modules of the general ledger software owned by the not-for-profit.